In this study we show that Microfinance Institutions (MFIs) with more powerful CEOs have higher performance variability. A powerful CEO is defined as one that also chairs the board of directors. CEO power is reflected in higher performance variability if CEOs have more latitude of action, i.e....

International commercial banks, institutional investors, and private investors have become increasingly interested in financing microfinance institutions (MFIs). This paper investigates whether adding microfinance funds to a portfolio of risky international assets yields diversification gains....

This article examines the impact of microfinance ‘plus' (i.e. coordinated combination of financial and nonfinancial services) on the performance of microfinance institutions (MFIs). Using a global data set of MFIs in 77 countries, we find that the provision of nonfinancial services does not...

We adapt a theoretical model from the goods trade literature to test whether banks with a comparative cost advantage are more likely to enter foreign markets by means of foreign direct investment. We combine detailed proprietary bank-level data on the international activities of all German banks...

We adapt a theoretical model from the goods trade literature to test whether banks with a comparative cost advantage are more likely to enter foreign markets by means of foreign direct investment. We combine detailed proprietary bank-level data on the international activities of all German banks...

Benartzi and Thaler (1995) show that the equity premium puzzle can be explained by a combination of loss aversion and mental accounting dubbed myopic loss aversion. In replicating some of the results of Benartzi and Thaler (1995) we find that overweighting of low and underweighting of moderate...

With the adoption of the Paris Agreement in December 2015, better understanding of portfolio carbon dioxide (CO2) exposures has become increasingly important for investors, regulators and society at large. In this paper we measure the portfolio carbon footprints (CFPs) of pension funds' stock...

This study addresses the timing and the direct effect on corporate financing decisions of corporate bond purchases operated under the European Corporate Sector Purchase Program (CSPP). Consistent with the goal of reducing credit premia, more timely purchases are observed for eligible bonds...

We adapt a theoretical model from the goods trade literature to test whether banks with a comparative cost advantage are more likely to enter foreign markets by means of foreign direct investment. We combine detailed proprietary bank-level data on the international activities of all German banks...

EU regulations mandate that short sellers disclose short positions as of 0.2% to authorities, which publicly disclose positions as of 0.5%. In January 2017, the Netherlands Authority for the Financial Markets accidentally disclosed confidential positions. Using the entire register, we show that...